| [Presentation title] | [Client Name] | [Date] 1

Economic Indicators

Last update 12.9.2014

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Economic Outlook Monthly Overview – September 2014

Europe:

• Consensus September GDP forecast for WE came slightly down by 0,1%point to 1,4% for 2014

and on 1,7% for 2015.

• The EU industrial confidence and the consumer confidence both continued to fall in August.

• The IFO Business Climate index for Germany again fell in August. The German economy

continues to lose steam.

• 2014 and 2015 GDP projections for most European countries have taken a hit this month

following Q2 GDP data confirming that the weak Euro Zone recovery had ground to a halt. The

ECB cut borrowing costs again to its lowest level ever.

US:

• Consensus September GDP forecast for the US remained on 2,1% for 2014 and on 3,1% for

2015.

• The second release of Q2 GDP confirmed the rebound following a -2,1% q-o-q slump in Q1.

Business investment soared and pre-tax profit growth rebounded. Still, consumption in Q3 started

on a weak note and disposable income only grew by 0,1%

Japan:

• The September GDP growth forecast for Japan came down from 1,5% to 1,2% for 2014 and

improved from 1,2% to 1,3% for 2015.

• Japan recorded a 1,8% q-o-q decline in Q2 GDP, on the back of April’s consumption tax hike.

The likelihood of a second VAT hike planned for October 2015 is now in question.

3 | Economic Indicators |

Eurostat Data

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Economic Indicators – GDP EU 28

Source: Eurostat Sept 14

-5

-4

-3

-2

-1

0

1

2

3

4

08

Q1

09

Q1

10

Q1

11

Q1

12

Q1

13

Q1

14

Q1

%

GDP for the EU 28 countries at constant prices quarter vs. same quarter of last year

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Economic Indicators – GDP EU 28

Source: Eurostat Sept 14

-2,5

-2

-1,5

-1

-0,5

0

0,5

1

08

Q1

09

Q1

10

Q1

11

Q1

12

Q1

13

Q1

14

Q1

%

GDP for the EU 28 countries at constant prices quarter on quarter

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Economic Indicators –EU 28 Consumer Price Index

Source: Eurostat Sept 14

0

0,5

1

1,5

2

2,5

3

3,5

4

4,5

08

/1

09

/1

10

/1

11

/1

12

/1

13

/1

14

/1

15

/1

0,6

%

The harmonized index of consumer prices is the result of the collaboration

between Eurostat and National Statistical Institutes of the Member States.

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Economic Indicators – ECB interest rate

Source: ECB, FED, Eurostat Sept 14

Jul.14; 0,4

Sep; 0,05

Sep; 0,25

-0,5

0,0

0,5

1,0

1,5

2,0

2,5

3,0

3,5

4,0

4,5

Jan

08

Ju

ly 0

8

Jan

09

Ju

l.09

Jan

10

Ju

l.10

Jan

11

Ju

ly 1

1

Jan

12

Ju

l.12

Jan

13

Ju

l.13

Jan

14

Ju

l.14

Jan

15

%

ECB short-term rate

Eurozone inflation

FED rate

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Economic Indicators –EU 28 Unemployment Rate

Source: Eurostat Sept 14

10,2

6

7

8

9

10

11

12

Ja

n 0

8

Ja

n 0

9

Ja

n 1

0

Ja

n 1

1

Ja

n 1

2

Ja

n 1

3

Ja

n 1

4

Ja

n 1

5

%

Unemployment rate for EU 28 countries

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Economic Indicators – Industrial Confidence Ind EU

Source: Eurostat Sept 14

-40

-35

-30

-25

-20

-15

-10

-5

0

5

10Jan

08

Jan

09

Jan

10

Jan

11

Jan

12

Jan

13

Jan

14

Jan

15

Industrial confidence within EU 28 decreased again slightly in August, but the

industry remains in a fairly positive mood.

The Industrial Confidence Indicator is the arithmetic average of the answers to the

questions on production expectations, order books and stocks.

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Economic Indicators – Consumer Confidence Ind EU

Source: Eurostat Sept 14

Consumer Confidence within EU 28 continued to clearly deteriorate in August

-35

-30

-25

-20

-15

-10

-5

0

Jan

08

Jan

09

Jan

10

Jan

11

Jan

12

Jan

13

Jan

14

Jan

15

The Consumer Confidence Indicator is the arithmetic average of the answers to the questions

on the financial situation of households and general economic situation (past and future)

together with that on the advisability of making major purchases.

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Economic Indicators – Capacity Utilization

in Manufacturing Industry in % - EU 27

Source: Eurostat Sept 14

60

65

70

75

80

85

04

Q1

05

Q1

06

Q1

07

Q1

08

Q1

09

Q1

10

Q1

11

Q1

12

Q1

13

Q1

14

Q1

80,5

%

The capacity utilization in manufacturing industry gives the level of capacity utilization

in percent, as assessed by managers in manufacturing industry.

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Ifo Data

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Economic Indicators – IFO World Economic Climate

Source: IFO Sept 14

The Ifo World Economic climate brightened slightly in Q3 2014. World economic

activity remains on the rise.

This indicator is being updated on a quarterly basis.

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Economic Indicators – IFO European Economic Climate

Source: IFO Sept 14

The economic climate in Europe slightly fell in Q3 2014, also impacted by

the Ukraine crisis.

This indicator is being updated on a quarterly basis.

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Economic Indicators – IFO NA Economic Climate

Source: IFO Sept 14 This indicator is being updated on a quarterly basis.

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Economic Indicators – IFO Asia Economic Climate

Source: IFO Sept 14 This indicator is being updated on a quarterly basis.

The economic climate in Asia recovered from its slump in the previous quarter.

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Economic Indicators – GDP Forecast Euro Area

Source: IFO July 14

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Economic Indicators – GDP Forecast Germany

Source: IFO July 14

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Economic Indicators – Exchange rate $ vs €

Source: IFO Sept 14

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Economic Indicators –

Ifo business situation and 6 month expectations

Source: IFO Sept 14

75

80

85

90

95

100

105

110

115

Jan

08

Jan

09

Jan

10

Jan

11

Jan

12

Jan

13

Jan

14

Jan

15

80

85

90

95

100

105

110

115

120

125

Jan

08

Jan

09

Jan

10

Jan

11

Jan

12

Jan

13

Jan

14

Jan

15

Business situation 6 months expectations

The IFO-Institut für Wirtschaftsforschung business situation index shows the current evaluation of the

economic situation, while the 6 month expectations index shows the expectations of the companies for the next

6 months. Over 7000 companies are being interviewed.

The Ifo Business Climate Index for Germany fell in August. Firms were less satisfied with their

current business situation, but companies were also more sceptical regarding future business

developments. The German economy continues to lose steam.

| Economic Indicators | 21

Economic Indicators – IFO Assessment of Current

Business Situation

Source: IFO Sept 14

The Ifo Business Climate Index for Germany fell in August. Firms were less satisfied with their

current business situation, but companies were also more sceptical regarding future business

developments. The German economy continues to lose steam.

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Economic Indicators – IFO business climate index

printing industry

Source: IFO Sept 14, bundesverband druck und medien

-60

-50

-40

-30

-20

-10

0

10

20

Jan

08

Jan

09

Ja

n 1

0

Jan

11

Jan

12

Jan

13

Jan

14

Jan

15

The IFO-Institut für Wirtschaftsforschung business climate index for the printing industry is

based on a monthly representative questionnaire to 300 German printers.

The business climate within the printing industry remained fairly stable on 0 in August.

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Economic Indicators – IFO business climate index

printing industry

The IFO-Institut für Wirtschaftsforschung business climate index for the printing industry is

based on a monthly representative questionnaire to 300 German printers.

Business Development at German Printers – August 2014:

The assessment of the current business situation in the printing

industry improved by 4%points to 0 in August.

The business climate – an indicator for the development in

the next quarter – did not change from June and remains balanced.

The business expectations for the coming 6 months deteriorated

analogical to the same month of the previous years, but they remain

in the positive area.

Source: IFO Sept 14, bundesverband druck und medien

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Zenith Data

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Global Advertising Growth – Zenith 4/14 Press Release

Source: ZenithOptimedia 4/14

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Regional Advertising Development –

Zenith 4/14 Press Release

Source: ZenithOptimedia 4/14

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Global Advertising Market – Zenith 4/14 Press Release

Source: ZenithOptimedia 4/14

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Advertising by medium – Zenith 4/14 Press Release

Source: ZenithOptimedia 4/14